09 Jul 2025
UK-based holders of cryptoassets will have to provide personal details to crypto service providers or face penalties of up to £300 from HMRC.
The regulations will be introduced in the UK on 1 January 2026 and are part of the OECD Cryptoasset Reporting Framework (CARF). This requires crypto platforms to share detailed information with tax authorities of clients' crypto transactions.
In addition, HMRC is already requiring full disclosure on self assessment forms for the 2024/25 tax year, so taxpayers who own crypto – like Bitcoin, Ethereum or Dogecoin –will have to include any crypto gains or income in their tax returns.
HMRC said the 'new rules will help unmask anyone evading tax due on their crypto profits. Those who don't comply risk a £300 fine from HMRC'.
Once data is received from service providers, HMRC will be able to identify those who haven't been correctly paying tax on their crypto profits.
The Treasury estimates the measure will raise up to £315 million in tax revenue by April 2030, the same amount needed to fund more than 10,000 newly qualified nurses for a year.
Jonathan Athow, HMRC's Director General for Customer Strategy and Tax Design, said: 'Importantly, this isn't a new tax – if you make a profit when you sell, swap or transfer your crypto, tax may already be due.
'These new reporting requirements will give us the information to help people get their tax affairs right.
'I urge all cryptoasset users to check the details you will need to give your provider. Taking action now and having this information to hand will help you avoid penalties in the future'